Shearman & Sterling represented Johannesburg-based Sasol Limited on its inaugural US dollar bond offering. The investment grade $1 billion 4.50% notes due 2022 were issued by Sasol’s wholly-owned finance subsidiary Sasol Financing International Plc and are fully and unconditionally guaranteed by Sasol Ltd. The offering was made in an SEC-registered offering in the US pursuant to a shelf registration statement, and the bonds are listed on the New York Stock Exchange.
Sasol is an international integrated energy and chemical company that develops and commercializes technologies and builds and operates world-scale facilities to produce a range of product streams, including liquid fuels, chemicals and electricity. It is the world’s largest producer of motor fuel from coal and the second largest South African company by market value. The company has 34,000 employees working in 38 countries.
The Shearman & Sterling team of lawyers in the firm’s London, New York and Washington, DC offices included capital markets partner Richard Price, and associates Jonathan Handyside, Blake Spencer and Yaw Asare. Partner Craig Gibianand associate Judy Fisher advised on US tax matters. The team also included of counsel Danforth Newcomb and associate Terence Gilroy.
Said Price, the lead partner, “We’re delighted to assist our longstanding and valued client Sasol on its first Yankee bond. We’re definitely seeing a strong uptick in Yankee bond offerings by issuers in the EMEA region seeking to tap the US dollar bond market, including inaugural issues such as this one”.
In the past 6 months Shearman & Sterling has advised on various inaugural Yankee bonds in the EMEA region including Schneider Electric’s $800 million bond issue and Danone’s $850 million offering.
